Refinancing of microloans. Refinancing loans Refinancing microfinance loans
For many residents of Russia, it has already become customary in difficult situations with money to seek help from microfinance structures, of which there are already more than 5,000 thousand in the country.
But sometimes a huge interest rate, which is charged on a loan every 24 hours, and a short period of time allotted for its repayment, involve a person in an unbearable debt hole. The way out in this case can be a new loan at a bank at a lower interest rate.
Such a loan will allow you to pay off debts in MFIs, as well as significantly reduce the loan burden. We are talking about refinancing loans taken from microcredit organizations. Is it possible to refinance a loan for which there are delays and what is needed for this we will tell further.
What will happen if you do not pay the loan to the MFI?
Many borrowers who have fallen into credit dependence on MFIs are interested in the question: What happens if you stop paying loan installments?
Financial experts advise citizens to avoid such situations, as this will lead to delays, additional interest on the loan, as well as penalties. All this can end up in court and even confiscation of the defaulter's property. Therefore, in circumstances where a person has nothing to pay with, and a fine accumulates every day, it is better to immediately start looking for an organization that is ready to refinance the loan on more acceptable terms for the borrower. (Read about what will happen if you don’t pay for the loan at all)
Is it possible to refinance microloans? Where to apply?
The best option to refinance a loan taken from an MFI is to apply to a large banking organization.
- Firstly, such structures offer the most favorable conditions for loans.
- Secondly, most refinancing programs allow you to combine several loans into one at once, which is very convenient for the user.
- Thirdly, very often the loan repayment term is extended to a large extent to the client.
However, not all banks refinance loans issued by MFIs, which cannot be said about refinancing loans taken from conventional financial companies.
It is especially difficult to reissue a loan on which the borrower has already experienced delays. But, fortunately, there are still large banks that meet the needs of the client.
Today, microloan MFI refinancing is available in the following reputable financial institutions:
Bank Tinkoff offers to issue a credit card for any need, including repayment of a microloan, the interest rate on a credit card is 20% -30% as opposed to 700% from MFIs, the interest-free period for plastic is 4 months, the maximum available limit is 300 thousand rubles.
VTB 24- offers refinancing in the amount of up to 1 million rubles, at an annual percentage of 17% to 30%. The maximum credit period is 60 months.
"Renaissance Credit"- provides an opportunity to issue a consumer loan for any purpose of the user, the amount of funds is from 30 thousand to 700,000 rubles, at a rate of 11.9% per year, for a period of 1-5 years.
OTP Bank offers a program for refinancing microcredits from MFIs on the following terms: the maximum loan amount is 750,000 rubles, the interest per year is from 19%, the loan period is up to 60 months.
Ural Bank for Reconstruction and Development allows you to get a loan without collateral in the amount of up to 300,000 rubles, and up to 1,000,000 rubles, at an annual rate of up to 30%.
Large Russian banks are ready to refinance MFI loans by combining several loans into one (the number of allowable combinations depends on the maximum amount that the bank offers to refinance other loans). If we are talking about refinancing debt with delays, then the probability of refusal increases. But, if the bank agrees to refinance the troubled debts of the MFI, then the loan can only be issued with collateral (necessarily collateral or the involvement of guarantors).
Terms Rusmicrofinance
Another organization that provides on-lending to MFO debts is the microfinance organization Rusmicrofinance. Refinancing of loans in Rusmicrofinance is carried out on the following terms:
- loan amount - from 30,000 to 170,000;
- refinancing period - 1 - 5 years;
- interest rate - 0.196% per day.
At the same time, the company does not require collateral and guarantors from the client.
Refinancing a debt to a creditor is one of the ways to alleviate the financial situation. If it is not possible to repay the debt to the company issuing microloans in any way, there is a danger of falling into a debt hole - lending conditions are such that in case of delay, the debt increases many times over. Refinancing of microloans can come to the rescue - the process of updating a loan agreement on different terms, possibly in another organization.
Refinancing procedure
Refinancing a microloan actually does not differ from the procedure for refinancing a loan at a bank. The point is that the client takes out a loan in order to urgently pay off another loan. This process is used when the microfinance firm refuses to extend the repayment period and begins charging skyrocketing interest on the loan. Then taking a new loan, with the debt period reset to zero, becomes a lifeline. Other attractive aspects of refinancing:
- You can combine different small loans into one large one;
- It is possible to reduce the interest rate on the loan and thus reduce the amount of monthly payments;
- The maturity of the debt can also be extended;
- The procedure is available with a negative credit history.
At first glance, refinancing microloans seems to be a very convenient way out. However, it is worth paying attention to the subtleties.
Loans subject to refinancing
Not every microloan organization will agree to refinance. The restrictions are due to the desire of the firm to secure itself from losses in the event of the bankruptcy of the borrower. Usually, the allowable loan amount for refinancing ranges from thirty to five hundred thousand rubles, and the term is from one to five years. The requirements for the borrower remain: age from twenty to seventy years, citizenship of the Russian Federation, registration in the region where the contract was signed, employment (possibly informal). An important condition is that at least one payment must be made on a refinanced microloan.
If the requested amount is large, guarantors will be needed. The firm may also require the client to undertake not to take on additional financial debt during the refinance.
There are microloans that cannot be refinanced in the classical sense of the term. These include debts on credit cards, debts to pawnshops, to private investors. Although it is also fair for them to take a loan from another organization to pay off their current debt.
General scheme of the procedure
In general, the process of refinancing a microloan proceeds in the following order:
- The applicant applies for refinancing;
- After its consideration and approval, new lending conditions are selected, an agreement is signed;
- The refinancing organization repays the client's debts;
- The client begins to repay the loan to the firm in accordance with the new scheme.
To complete the contract, you will need to provide a certain set of documents. Most often, this is a passport, a duplicate identity document (driver's, snils, etc.), a certificate of work, a copy of labor and documents for registration of a pledge.
Refinancing organizations
There are different types of organizations where you can apply for refinancing of MFI loans. Let us consider in more detail the features of the process in different cases.
Bank loan renewal
Banks do not provide a special procedure for refinancing microloans. However, it is clear that in any bank you can take a consumer loan. But microfinance is most often used by clients with a negative credit history or other reasons for refusing a loan from a bank, and they cannot count on a sudden change in the attitude of the lender.
It is almost impossible to refinance a microloan with a delay in a bank. Therefore, this case is suitable for those who for the first time have a negative financial experience due to an unfortunate set of circumstances. This approach allows you to combine several microloans into one loan and significantly increase the terms of its repayment.
Another way to refinance microloans at the expense of the bank is to issue a credit card with a limit covering the size of the microloan. The conditions for credit cards are quite loyal, especially in comparison with the conditions of microfinance. Obtaining a credit card is also a fairly simple procedure that places less demands on the client.
On-lending microloan in MFIs
Another way is to apply for help in refinancing to a microfinance organization. It can be either the same organization whose loan needs to be refinanced or another. Today, there are MFIs that specialize in refinancing debts to other firms.
This method is suitable for those who need to refinance microloans with a bad credit history. Although in essence this process is a change of awl for soap, it is not always possible for clients to avoid it.
When refinancing a loan to another MFI, you should try to achieve more benign conditions than before. For example, by providing the company with collateral or guarantors. Turning to your own organization, you can count on restructuring - a review of the terms of the loan repayment. This may be an extension of the term or a reduction in the rate. Not the fact that the company will go to meet the client, but it's worth a try.
There are reasons why the borrower has the right to formally insist on an extension of the contract: loss of a job, reduction or delay in wages, health problems, difficult life circumstances. Of course, all of them must be documented.
Carrying out the procedure remotely
There are firms that refinance microloans remotely. In Russia, the largest and most well-known such organization is refinance.ru. The procedure for refinancing in the company is as follows:
- The application is left by the client on the site of the same name;
- In response to an e-mail, a questionnaire arrives, where you need to specify the details of the situation and send it back;
- Within one day, the application is studied by the organization's specialists and a decision is made to approve or deny the loan;
- If approved, the client must send electronic versions of loan documents about past loans by e-mail;
- The borrower agrees with the organization on the terms of the contract and signs it (at the nearest branch of the company or by courier delivery);
- The company repays all debts under the contract;
- The client repays the loan under the new rules.
Repayment is also carried out remotely - through online wallets, transfers from a card or payment using bank details. By the way, the conditions for refinancing microloans with delays in such companies are much softer than in conventional MFIs. They specialize specifically in complex cases, when clients really need help in refinancing, and take into account the specifics of the situation.
Conclusion
Thus, refinancing of microloans with delays is an ambiguous procedure, which, nevertheless, clients are sometimes forced to resort to. When deciding to seek refinancing, it is worth considering all possible options and trying to achieve the most profitable. In any case, this procedure should by no means become a habit - this is a direct path to debt.
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Conditions for obtaining a loan
The loan is provided in the amount of 70,000 rubles. - 10,000,000 rubles. annual interest for using the loan (taking into account the requirements of Federal Law No. 353-FZ) - 12% -59%. The final terms of receipt will be offered individually. The amount of the penalty is 0.10% of the amount of overdue debt for each day of violation of obligations under the contract, but not more than 10% of the amount.
Example of loan calculation:
A loan for 70,000 rubles for 12 months with an interest rate of 12% per month, the overpayment for the entire period will be 8,010.08 rubles. In total, you return 78010.08 rubles. Loan term from 65 days to 15 years. In case of early repayment, the commission for the use of funds is recalculated in proportion to the period of use of the money.
Consequences of non-payment of the loan:
In case of non-repayment of the total amount of the loan, the lender will be forced to charge a penalty for delaying the loan. In case of non-receipt of payment from you for a long time, a penalty for late repayment of the loan is charged in the amount of an average of 0.10% of the original loan amount.
Licenses of partner organizations:
№2673, №1460, №3251, №3354, №2120177002022, №1127746537764, №2110552000304, №651303552003006, №651303045003951, №651303045003161, №651403045004794
The borrower resorts to refinancing microloans when it is necessary to combine several loans into one and / or improve lending conditions, namely: to reduce the interest rate and the minimum monthly payment, to increase the period. Usually, the closing of old debts is made by a new creditor by direct transfer of funds; loans for such purposes are not provided on hand. Where and how to get such a service will be described below.
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Conditions
A potential client can refinance his microloan or several loans only if he submits to the lender identification documents showing his real income, as well as agreements on existing obligations.
Applications for refinancing are considered only from citizens of the Russian Federation who have reached the age of 21-25, have a job and are registered in the territory of the Russian Federation.
The rate for this type of lending is set at 25-75% per year. The amount is equal to the amount of debt on all obligations. The period can reach 1-5 years.
How to apply?
The conclusion of a refinancing agreement is slightly different from the execution of a standard microloan.
To pay off old debts and apply for a new loan, you must:
- submit an application in the way that the lender offers (remotely, in the office);
- provide the prospective lender with copies of existing loans;
- familiarize yourself with the proposed lending conditions (term, minimum payment, interest rate, etc.);
- to sign documents.
Most lenders providing refinancing services directly transfer funds to MFOs, banks to pay off debts, and do not give money to the borrower.
Online application
An application for refinancing a microloan can also be submitted remotely. As soon as it is analyzed, the potential client will receive a response.
With a positive decision, the future borrower still needs to contact the lender's office for further processing of the transaction.
It is impossible to conclude an agreement remotely for refinancing. The term for consideration of the application is from one day.
Line of offers
If you do not know which companies provide refinancing or are not sure about the loyalty of the conditions, then we recommend that you familiarize yourself with the lenders listed below.
Companies helped to close a large number of bad loans by offering a more forgiving rate, reduced minimum payment:
Refinancing of loans with delinquencies
Of course, if there are delays, then it becomes more difficult to get refinancing. The first thing experts recommend is to contact the bank, the MFI that issued the loan and try to resolve the issue without delay or by issuing on-lending.
If, nevertheless, this fails, then it is necessary to find a broker who will help, without income statements, guarantees and other additional conditions, to obtain refinancing. But brokers charge a considerable commission for such services - about 30% of the loan.
If the above options are not acceptable, try to find a lender on your own who will take on refinancing with delays, apply to all companies, as well as banking institutions that do not refuse customers with delays, for example: VTB, Raiffeisen Bank, Renaissance Credit.
With bad credit history
If you want to get refinancing from a bank, you should remember that such a service is provided only to customers with an impeccable credit history. If the credit rating is damaged through your fault, that is, no mistake was made, then it will be more difficult to get refinancing.
Most likely, large banking institutions will refuse, but small ones, fighting for each client, may turn a blind eye to a negative rating. Additionally, the client can offer a pledge, surety.
A good argument can be proof of the borrower's current solvency.
But if the above methods have not led to success, there are still microfinance companies, lending centers and other similar organizations that do not pay attention to credit history.
But it is worth remembering that such structures do not always offer favorable lending conditions.
In Moscow
If you live in the capital, have a job and registration, we recommend that you contact banking institutions to receive refinancing.
In the table there is a list of banks that offer favorable lending conditions:
Without a guarantor
If you want to get refinancing without a guarantee, you can contact the banks listed above, but if they refuse, only microcredit companies remain.
Below are the basic conditions for each MFI:
Urgently
Let's face it, it will not work in any credit structure to get refinancing in 1 hour.
In order for the company to make a decision, it needs not only to analyze the solvency of the borrower, but also to study the client's loan agreements for existing obligations.
Often it takes 1-3 working days and only after that the lender is ready to make his decision.
To map
If you apply to a credit company and ask to refinance your loans, then you should not count on getting a loan in cash or on a card.
Usually, lenders directly transfer money to MFIs, banks and thus repay the debt. Such loans are not issued on a card or on hand.
Requirements for borrowers
In order to receive refinancing of their bad loans, the client must comply with several formal requirements:
- citizenship of the Russian Federation;
- age - from 21-25 years;
- permanent registration;
- permanent source of income;
- submission of necessary personal documents, as well as agreements on existing loans.
Perhaps the lender will indicate additional requirements that must be met, otherwise the loan will be denied.
Required documents
To obtain refinancing, the client must submit the following documents to the lender:
- passport;
- documents on existing loans;
- additional proof of identity.
Sometimes income statements or proof of employment are required.
Interest
Interest on refinancing depends on the credit company to which the borrower applies, as well as on the amount of debt. If the client contacts the bank, the rate can start from 15% per year, in MFIs - from 25-75% per year.
With the additional involvement of a credit broker, the service will become more expensive, since such an expert charges a commission for his services up to 30% of the cost of the loan.
Timing
An application for a decision is processed in about 1-3 days, the same amount of time is needed to prepare, sign an agreement and transfer funds to close loans.
When refinancing is issued, the client hopes for a reduction in the monthly payment.
In most cases, this is achieved by extending the loan term. Today, the refinancing period can reach 1-5 years.
How to repay?
Loan repayment is made according to the received payment schedule. Payments can be made once a month or more often. The payment scheme is annuity (in equal installments).
The client can pay the debt:
- through the cash desk of a credit company;
- through any Russian bank;
- in terminals;
- from a plastic card, etc.
If the transfer of funds is made through a third-party company, then the commission charged by the intermediary for the transfer of money should be taken into account.
Advantages and disadvantages
You should not look for the benefits of refinancing for a long time, they are all obvious:
- refinancing allows you to combine all existing, outstanding loans into one loan;
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Applying to multiple banks
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Preparation of documents
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Result and efficiency
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Low probability of failure
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Control and support
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Beneficial programs
We apply for a loan simultaneously to several banks, which significantly reduces the likelihood of refusal.
Our team provides services for the preparation of a complete and legally clean package of documents in 5-6 different banks within one day.
Each bank has its own procedure for filling out and forms of documents for obtaining a particular loan product. Our employees are professionals in their field. They will help in the shortest possible time to fill out and prepare correctly all the documentation that is necessary to obtain a loan product of your choice.
Our company will save you from tedious walking around banks, standing in queues and lengthy negotiations with employees of financial institutions. Cooperating with us, you can save time and nerves, as well as avoid possible "pitfalls" that arise during registration. We work for the result and guarantee the prompt solution of any tasks.
We will help you get a loan with unconfirmed income, bad credit history or in the case when you have already received a refusal from the bank. The absence of a down payment when obtaining a mortgage is not an obstacle for us, it has been verified! Approval is received by 90% of clients. Thanks to an excellent reputation and many years of experience, our company achieves a positive decision for a potential lender even in the most difficult cases.
Employees of "LionCredit" control the situation at all stages of the transaction. We individually approach each specific case and provide full support - from choosing a bank and a loan program to issuing funds. Our company works with full dedication and provides qualified customer support using the most correct strategy.
We cooperate with all banking institutions, so we select the most profitable registration programs. The ability to refuse extra charges and additional services of banks allows our company to provide customers with lower rates in comparison with independent treatment. We are known and recommended to friends, because the cost of our services is lower than that of competitors, and the quality of work is much higher.
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